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Establishing Internal Control Standards and Establishing a Materiality Threshold
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Establishing Internal Control Standards and Establishing a Materiality Threshold
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4/26/2017 8:24:17 AM
Creation date
12/7/2016 4:04:31 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/28/2016
Ord-Res Number
10482-16
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CITY OF SOUTH BEND, INDIANA <br />• A review is completed by an individual outside the disbursement process in which the <br />claim amount is compared to the supporting documentation attached to the claim and the <br />amount of the check. This review and approval is made at the departmental level. <br />• Access to disbursement applications is appropriately controlled by user login and <br />passwords. <br />• The City Controller, or his/her designee, will review claims prior to payment. <br />• The Purchasing Manager, or his /her designee, will review requisitions submitted and <br />issue all purchase orders. <br />• With limited exceptions, all disbursements will require a properly approved invoice and a <br />purchase order prior to payment. <br />• The City uses a "positive pay" program with 1St Source Bank to preauthorize accounts <br />payable checks to be honored by the bank and identify fraudulent checks issued by other <br />parties attempting to use City information. <br />Receipting Activities <br />• The responsibility for collecting money and issuing receipts is segregated from those <br />preparing the bank deposit. <br />• The responsibility for making bank deposits is segregated from those preparing the <br />monthly bank reconcilement. <br />• Pre - numbered receipts are issued for all money collected and the receipt is retained with <br />supporting documentation. <br />• Receipts are reconciled to the cash receipts ledger by an individual other than the one <br />collecting money and issuing receipts. <br />• Posting of receipts to the ledger is completed by an individual other than the one who <br />collects money and makes the deposit. <br />• Receipts indicate the type of payment received (cash, check, etc.) and this is reconciled to <br />the make -up of the bank deposit. <br />• Accounts receivable records are maintained by an individual other than the one(s) involved <br />in the billing process. <br />• The billing process is completed by an individual other than the one who collects cash <br />payments from customers. <br />• Customer account adjustments above the $500 materiality threshold, stated in this policy, <br />are approved by the Board of Public Works only after review. <br />Cash Activities <br />• A reconcilement between the recorded cash balance and the bank balance is completed <br />monthly by an individual separate from the receipting and disbursing processes. <br />• A reconcilement between the receipts ledger and the credits to the bank account is <br />completed periodically by an individual separate of the receipting process. <br />• A reconcilement between the disbursement ledger and the debits to the bank account is <br />completed periodically by an individual separate of the disbursement process. <br />• The monthly reconcilement between the cash balance and the bank balance is thoroughly <br />reviewed and approved by the City Controller or his/her designee. <br />• Disbursements from and reimbursements to petty cash funds are periodically reviewed by <br />an individual other than the one responsible for maintaining the petty cash fund. <br />Internal Controls Policy Pursuant to I.C. 5- 11 -1 -27 <br />
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